WASHINGTON--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The updated release reads:
CONSUMER FEDERATION OF AMERICA, AMERICAN ASSOCIATION FOR JUSTICE AND PUBLIC JUSTICE ISSUE STATEMENT ON GOLDMAN SACHS SUPREME COURT RULING
The Consumer Federation of America, American Association for Justice and Public Justice issued the following statement today on the U.S. Supreme Court ruling on Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, et al:
“We applaud the U.S. Supreme Court for upholding investor rights in its decision in the Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, et al. case, rejecting Goldman’s cynical attempt to evade accountability by shifting the burden of proof onto investors. By upholding existing law, with the burden of persuasion firmly on the defendants, the Court’s decision upholds the rights of investors to seek accountability in the future. The consequences of giving Goldman (and other companies) an explicit green light for misconduct would have been devastating for investor confidence in the markets. Should Goldman choose to characterize this a ‘win,’ it will say a great deal about how the company sees foot-dragging and justice deferred for investors as good things.
“While the case was remanded back to the Second Circuit, nothing in the decision suggests that the Second Circuit decision to certify the class was made in error. Indeed, we agree with Justice Sotomayor that it was not. We are hopeful that the case will finally be able to proceed once the Second Circuit reviews all of the evidence pursuant to the Court’s decision, giving Goldman’s investors long overdue justice.”